Bitwise: Solana Positioned for Major Breakout
Solana’s recent 24% rally may only be the beginning of a larger move, according to Bitwise CIO Matt Hougan, who compared the token’s setup to Bitcoin’s run from $40,000 to $110,000 and Ethereum’s tripling in price.
Hougan said the same catalysts that drove those gains — exchange-traded product approvals and corporate treasury adoption — are now building momentum for Solana. “The formula has been clear for the past 18 months: combine fund inflows with institutional buying, and strong returns follow,” he wrote.
Seven firms, including Bitwise, Fidelity, Grayscale, and VanEck, have filed applications for spot Solana ETPs, with the SEC expected to rule by October 10. Approval would mark the first time mainstream investors could access SOL through stock-like products.
Meanwhile, Forward Industries (FORD) has committed $1.65 billion to accumulate and stake Solana, with backing from Galaxy Digital, Jump Crypto, and Multicoin Capital. The move mirrors strategies previously seen in Bitcoin, with Forward seeking to turn its token reserves into a revenue engine. The program is being led by Multicoin’s Kyle Samani, described by Hougan as one of Solana’s most effective advocates.
Solana’s biggest selling point remains speed. A pending upgrade will reduce transaction finality from 12 seconds to just 150 milliseconds, while costs remain below a cent. Critics caution the network is more centralized than rivals, but supporters argue its design is uniquely suited for high-volume applications like stablecoins and tokenized assets.
Adoption metrics are also rising: Solana now ranks third in stablecoin liquidity, fourth in tokenized assets, and has recorded a 140% increase in asset volume year-to-date. With a market cap of $116 billion, Hougan noted Solana is still small compared to Bitcoin and Ethereum — meaning new inflows pack a stronger punch. Forward’s $1.65 billion allocation could impact SOL in a way comparable to a $33 billion Bitcoin buy.
“From where I sit, the setup couldn’t be clearer,” Hougan said. “Solana may be on the verge of its breakout moment.”
